AiDO Network International, a Non-Governmental Organisation (NGO), has unveiled plans to empower Africans engaged in Small and Medium Scale Enterprises (SMEs) with a special innovative funding.
Martin Weightman, Human Rights and Interfaith Director at AiDO, disclosed this on Tuesday during the sixth Annual International Convention and Royal Summit, organised by the NGO in Lagos.
He explained that the fund which would be between $1 million and $10 million, was designed to support projects aligned with the United Nations Sustainable Development Goals (SDG).
He said: “Today, we’re gathered at this conference to explore critical issues at the intersection of human rights, culture, and business development.
“On our innovative funding solutions, we’ve introduced a groundbreaking financial instrument designed to support projects aligned with the United Nations SDGs.
“This funding opportunity provides grants or forgivable loans ranging from $1 million to $10 million.
“The forgivable loan component is particularly exciting, as it offers a unique incentive for project success.
“Essentially, if your project meets the predetermined SDG, the loan is completely forgiven.”
Weightman said to access this fund, applicants must meet two key requirements.
He explained that applicants must align their project with the SDG, addressing pressing global challenges.
He said applicants must also provide a 50 per cent deposit, demonstrating a tangible commitment to the project’s success.
“With 17 sustainable development goals to choose from, the possibilities for meaningful impact are vast.
“This funding instrument has the potential to bridge the gap between vision and reality, empowering innovators and organisations to create a better world,
“Intending applicants can read more on it through solutionsforsustainability.org.
“There are larger projects which are like $50 million to $600 million, but they are more of a loan on very good financial terms. “My purpose here is to be able to provide funding for projects that can kick off actions in the Nigerian economy and elsewhere in Africa. And I think it’s really a good opportunity,” he said.